Sheets Smith Wealth Management Sells 51,708 Shares of Copart, Inc. $CPRT

Sheets Smith Wealth Management decreased its position in shares of Copart, Inc. (NASDAQ:CPRT) by 20.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 203,160 shares of the business services provider’s stock after selling 51,708 shares during the quarter. Sheets Smith Wealth Management’s holdings in Copart were worth $6,745,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Quadrant Capital Group LLC raised its holdings in Copart by 1.3% during the third quarter. Quadrant Capital Group LLC now owns 20,693 shares of the business services provider’s stock valued at $931,000 after acquiring an additional 264 shares during the period. Sierra Legacy Group boosted its stake in shares of Copart by 1.9% in the fourth quarter. Sierra Legacy Group now owns 13,880 shares of the business services provider’s stock worth $543,000 after acquiring an additional 265 shares during the period. Geneos Wealth Management Inc. boosted its stake in shares of Copart by 23.8% in the second quarter. Geneos Wealth Management Inc. now owns 1,384 shares of the business services provider’s stock worth $68,000 after acquiring an additional 266 shares during the period. Brown Miller Wealth Management LLC grew its position in shares of Copart by 3.8% during the fourth quarter. Brown Miller Wealth Management LLC now owns 7,310 shares of the business services provider’s stock worth $286,000 after purchasing an additional 268 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its stake in Copart by 4.6% during the 4th quarter. Valeo Financial Advisors LLC now owns 6,395 shares of the business services provider’s stock valued at $250,000 after purchasing an additional 282 shares during the period. Institutional investors own 85.78% of the company’s stock.

Insiders Place Their Bets

In other Copart news, CEO Jeffrey Liaw sold 26,213 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $33.18, for a total transaction of $869,747.34. Following the sale, the chief executive officer directly owned 79,532 shares in the company, valued at $2,638,871.76. This represents a 24.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 9.60% of the stock is owned by insiders.

Analysts Set New Price Targets

CPRT has been the subject of several recent analyst reports. Jefferies Financial Group set a $45.00 price target on Copart in a research note on Friday, May 22nd. JPMorgan Chase & Co. dropped their target price on shares of Copart from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Monday, February 23rd. Barclays reiterated an “underweight” rating and issued a $32.00 price target (down from $33.00) on shares of Copart in a report on Monday, February 23rd. Zacks Research upgraded Copart from a “strong sell” rating to a “hold” rating in a research report on Monday, April 27th. Finally, Weiss Ratings cut Copart from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 1st. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $44.50.

Copart Price Performance

Shares of NASDAQ:CPRT opened at $30.23 on Friday. Copart, Inc. has a 52 week low of $29.46 and a 52 week high of $50.11. The stock has a market capitalization of $27.99 billion, a P/E ratio of 18.78 and a beta of 1.00. The firm has a fifty day simple moving average of $32.55 and a two-hundred day simple moving average of $35.90.

Copart (NASDAQ:CPRT) last announced its earnings results on Thursday, May 21st. The business services provider reported $0.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.02. Copart had a net margin of 33.48% and a return on equity of 16.63%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company earned $0.42 EPS. The business’s revenue was up 2.1% compared to the same quarter last year. On average, analysts expect that Copart, Inc. will post 1.58 earnings per share for the current year.

About Copart

Copart (NASDAQ: CPRT) is a global provider of online vehicle auction and remarketing services, focused primarily on the sale of salvage and clean-title vehicles. The company operates a technology-driven auction platform that connects sellers — including insurance companies, vehicle finance firms, rental car companies, dealerships and fleet owners — with a broad buyer base consisting of vehicle dismantlers, recyclers, rebuilders and retail buyers. Copart’s business model centers on efficient vehicle disposition using digital bidding and logistics services to maximize recovery value for its clients.

Core services include hosting live and timed online auctions, vehicle listing and inspection support, title processing, and transportation and storage solutions.